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The Latest Breaking News from World Bank

Inflation rises in Nigeria amid fuel scarcity and insecurity

The hike in inflation means purchasing power of Nigerians, some of whom live on $50 monthly minimum wage, is declining.

Al Jazeera

Yellen meets war refugees in Poland, pushes food crisis plan

U.S. Treasury Secretary Janet Yellen has met with Ukrainian refugees and urged the need to confront Russian brutality as she visited Poland ahead of a meeting of finance ministers for the Group of Seven leading economies

The Independent UK

UK’s new aid strategy condemned as ‘double whammy to world’s poor’

Liz Truss unveils plan to almost halve budget to multilateral bodies, challenge ‘malign actors’ and boost trade-linked deals

The Guardian - UK

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‘We are worse off’: Afghanistan further impoverished as women vanish from workforce

From civil servants, teachers and doctors to journalists and business owners, loss of female workers under the Taliban has already cost the economy $1bn

The Guardian - UK

‘Cash, coal, cars and trees’: what progress has been made since Cop26?

Six months on, the war in Ukraine and ongoing Covid-19 pandemic have derailed some changes agreed on in Glasgow

The Guardian - UK

Pricey tortillas: LatAm's poor struggle to afford staples

Across Latin America, the sharpest price spike in a generation has left many widely consumed local products suddenly hard to attain

The Independent UK

Biden Says US Ready To Share COVID-19 Vaccine Related Technology

President Joe Biden said that the U.S. will share technologies used to make COVID-19 vaccines through the World Health Organization and is working on expanding rapid testing and antiviral treatments for hard-to-reach populations. "We are making available health technologies that are owned by the United States government, including stabilized spike protein that…

Benzinga

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Lebanon to vote in first election since financial meltdown

Lebanese vote on Sunday in the first election since their country's economic collapse, a test of whether Iran-backed Hezbollah and its allies can preserve their parliamentary majority amidst soaring poverty and anger at ruling parties.

Reuters

War leads to surge in money transfers to Ukraine

As more Ukrainians abroad send funds home, World Bank expects remittances to Russia-linked countries to fall

The Guardian - UK

Studies linking nature to better mental health focus on wealthy nations — here's why that's a huge problem

In a new review, researchers found that most of the studies on the connection between better mental health and nature were from Westernized nations.

Inverse

World Bank Urges Donors to Boost Financial Support for Palestinian Authority

The World Bank urged on Monday donors to boost support for the Palestinian Authority (PA), which it said was facing a destabilizing budget crisis linked partly to “record low” foreign aid contributions. In a report, published ahead of a donor conference in Brussels, the World Bank paints a contrasting view…

Asharq Al-Awsat

World Bank Approves Emergency Loan to Fund Wheat for Lebanon

The World Bank (WB) approved a $150 million emergency loan for food security to support wheat imports to Lebanon and provide stability of bread prices during the coming nine months, a Lebanese minister announced on Monday. Economy and Trade Minister Amin Salam said in a press conference that he had…

Asharq Al-Awsat

Sri Lanka is the first domino to fall in the face of a global debt crisis

The south Asian country is the first to buckle under economic pressures compounded by Russia’s war on Ukraine, but it won’t be the last

The Guardian - UK

World Bank grants Lebanon $150 million food security loan

Lebanon's economy minister says the World Bank has approved a $150 million soft loan for food security in crisis-hit Lebanon to stabilize bread prices during the coming months

The Independent UK

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The Independent UK

Costa Rica's new leader takes over with a blast at the past

Rodrigo Chaves has begun a four-year term as Costa Rica’s new president, taking office with a lengthy list of reproaches for his predecessor and the country’s political class while promising great change

Asharq Al-Awsat

$100 Billion Needed Annually to Sustain Infrastructure in MENA Region

Navid Hanif, Director of Financing for Sustainable Development Office at the United Nations, said that the Middle East and North Africa region would need to spend at least 8.2 percent of GDP to achieve infrastructure goals by 2030. “With the population of the Middle East and North Africa expected to…

The Hindu

NGT clears decks for inland waterway project on Ganga river from Prayagraj to Haldia

The Inland Waterways Authority told the tribunal that the Allahabad High Court, in its April 28, 2016, order, allowed the project subject to receipt of all required statutory clearances

Reuters

Sri Lanka to replace 'unrealistic' budget, in talks to extend World Bank aid

Sri Lanka plans to replace its current "unrealistic" budget and is in talks with the World Bank to extend its support by $300 million to $700 million, the country's finance minister said on Wednesday.

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The Guardian - UK

Russia’s war in Ukraine ‘causing £3.6bn of building damage a week’

Kyiv School of Economics estimates cost of conflict could rise to $600bn, almost four times the nation’s GDP

Financial Times

The global stagflation shock of 2022: How bad could it get?

The double blow of pandemic and war has caused inflation to surge and growth to slow around the world. But experts do not expect a return to the 1970s

The Guardian - UK

Policymakers need data about us despite privacy fears

Governments need accurate and detailed information about citizens to tackle anything from Covid to climate change

Asharq Al-Awsat

Lebanon: Concerns Rise of Total Darkness after the Polls

Warnings are growing in Lebanon that the country’s lingering electricity crisis could worsen after its parliamentary elections on May 15, amid fears of total darkness engulfing the nation in light of dysfunctional public services. Walid Fayyad, Lebanon’s Energy Minister declared that the completion of the contract to import gas from…

The Conversation

Kibaki's capitalist outlook on education in Kenya brought mixed results

Emilio Mwai Kibaki, retired third president of independent Kenya who has died , had a rich and multifaceted legacy as a long serving public official.

The Hindu

Are freebies affecting the economic growth of India?

There are subsidies that are productive and then there are those that are wasteful

Asharq Al-Awsat

Biden Seeks $33Bln for Ukraine, Signaling Long-Term Commitment

President Joe Biden asked Congress on Thursday for an additional $33 billion to help Ukraine fend off Russia's invasion, a signal that the US is prepared to mount a robust, long-term campaign to bolster Kyiv and weaken Moscow as the bloody war enters its third month with no sign of…

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